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160 apartments proposed for West Philly parking lot

They’ll be below-market rate

Developers are looking to build a nine-story apartment building with 160 units on a parking lot at 49th and Spruce streets.

West Philly Local reports that developers Hillel Tsarfati and Kfir Binnfeld met with residents at a Garden Court Community Association meeting last night to discuss their plans for the lot. Most of the 160 apartments will be one-bedroom units and be leased 15 to 20 percent below market rate.

The article states:

The building would include eight floors of 20 apartments each and retail on the first floor. Floors would include 12 one-bedroom apartments, 6 two-bedrooms and two studios each. Rents would be roughly the same as Croydon – currently a minimum of $975 for a two-bedroom and $850 for a one-bedroom.

Here’s a rendering of the proposed building, posted to Garden Court Community Association’s Facebook page prior to the meeting.

The development is still in the preliminary stages, so it may be some time before the project goes to zoning.